The Opec Fund for International Development and the European Bank for Reconstruction and Development (EBRD) are stepping up their delivery of support for development and transition with a new co-operation agreement.

 

The Opec Fund is providing $2 million to support the identification, design and development of joint projects in common countries of operations. 

 

The institutions signed the document during the World Bank/IMF Spring Meetings in Washington, DC and remain committed to build a strong pipeline of bankable projects through improved project preparation and technical assistance. 

 

The Opec Fund - EBRD Project Preparation Facility aims to cover early stage costs, enhance project preparation and help make projects suitable for financing.

 

Although furnished with different mandates, the Opec Fund and EBRD share many complementary activities and the goal of improving people’s lives, it stated. 

 

Both lenders are active in countries in North Africa and the Middle East, and also cooperate in Central Asia. To date cooperation includes a $50 million trade finance risk sharing facility and the co-financing of over 20 projects in public and private sectors, it stated.

 

On the deal, Opec Fund Assistant Director-General Fuad Albassam said both are strongly aligned in priority areas such as climate action and food security. 

 

"This new agreement is an excellent example of institutional cooperation and complementarity where we join forces and leverage our strengths for the benefit of those we support. The Opec Fund is looking forward to this agreement becoming the nucleus of many successful projects," he added.